Current dynamics in GBP/JPY show a decisive moment at the key downtrend line. The struggle at this level underlines the pair's recent bearish momentum. A push beyond the 184.5 resistance could usher in a bullish phase, but without such a move, the outlook remains weighted to the downside.
Technical Analysis:
The struggle below the trendline suggests caution, with potential retests of 181.5/180.0 support levels if the bearish trend persists. The recent GBP GDP figures in the negative territory further align with our bearish sentiment.
Market Positioning:
Our current strategy is to monitor for potential short entries, with a keen eye on the 184.5 threshold. A break above would warrant a reassessment of the bearish stance. For now, the trendline serves as a barrier to the bulls, with any pullback from this level potentially offering opportunities to capitalize on the prevailing trend.
Technical Analysis:
The struggle below the trendline suggests caution, with potential retests of 181.5/180.0 support levels if the bearish trend persists. The recent GBP GDP figures in the negative territory further align with our bearish sentiment.
Market Positioning:
Our current strategy is to monitor for potential short entries, with a keen eye on the 184.5 threshold. A break above would warrant a reassessment of the bearish stance. For now, the trendline serves as a barrier to the bulls, with any pullback from this level potentially offering opportunities to capitalize on the prevailing trend.